How much money can installing solar panels save you?

Nobody can calculate exactly how much money you can save by using solar energy on your home or commercial structure, although Brite Idea Energy can offer a reasonable estimate. The amount will vary based on constant fluctuations in energy prices, how much energy your home or business consumes, your structure’s position related to the sun, unpredictable weather, and a number of other factors. Long-term savings will also be affected by your decision to lease or own your solar energy system.

However, many homeowners and business owners report that they have cut their energy bills anywhere between 50% and 90%. As an example, let’s say your energy costs are $400 per month. If you calculate conservatively that you’ll cut your costs by 50% to $200 per month, installing solar panels will save you $2400 per year. If you have a business that spends $1000 per month on energy and you can lower that number to $500 per month, that’s $6000 per year in savings, thanks to a solar energy solution.

In New Jersey earning SRECs is another financial solar incentive when installing solar panels on your home or business. SRECs (Solar Renewable Energy Credits) are produced proportionately with the energy your solar system generates and they are traded an open market.

Aside from the monthly savings, you can increase the value of your home or business without incurring any additional tax liability. Reducing your reliance on natural resources and becoming environmentally conscious can be a game changer for both homeowners and business owners. If you’re a homeowner, it could help you differentiate from the rest of the market and sell your home faster. If you’re a business owner, your commitment to preserving the environment could be a major factor – maybe the deciding factor – when certain clients are evaluating whom they should do business with.

Contact us to discuss how much you should expect to save by installing solar panels.